New Delhi: The second big merger of state lenders by the Narendra Modi government will be completed this financial year and the merged bank will start operations from the new fiscal.

Sources said the share swap ratio for the merger of Dena Bank and Vijaya Bank with the larger bank Bank of Baroda will be decided next month and the merged entity will kick off operations from April 1, 2019.

New Delhi: Country’s largest bank SBI or State Bank of India has increased fixed deposit or FD rates for some select maturity periods. This move comes after rate hikes by other major banks including ICICI Bank and HDFC Bank. The revised SBI rates on retail FDs of less than Rs 1 crore are effective from today. According to the revised rates, SBI is offering 6.8% interest rate on FDs with maturity period of one to two years, as compared to 6.7% earlier.

Bangalore: Shares of Yes Bank Ltd plunged to their lowest in more than two years on Thursday after credit rating agencies ICRA and CARE Ratings downgraded ratings on the lender’s debt instruments. India’s fifth largest private-sector lender by assets has had a tumultuous couple of months, with its stock nearly halving in value this year and a number of departures from its board, since the country’s central bank cut short its chief executive officer’s term in September.

Bengaluru: Some analysts have questioned the methodology used by investment bank Barclays to conclude that Amazon India generated significantly higher sales than Flipkart in the last financial year, sparking a fresh debate about who dominates India’s $18 billion online retail market. If the Barclays report is accurate, then Walmart Inc., which agreed to buy a 77% stake in Flipkart for $16 billion in May, may have overpaid for the online retailer, other analysts said.

The Indian Space Research Organisation's trusted workhorse PSLV-C43 successfully lifted off with earth observation satellite HysIS, along with 30 other customer satellites at 9:57 am on Thursday from the Satish Dhawan Space Centre at Sriharikota in Andhra Pradesh.

The Hyperspectral Imaging Satellite (HysIS), an earth-observation satellite developed by ISRO, is the primary satellite of the PSLV-C43 mission.

Comments by Federal Reserve Chair Jerome Powell that benchmark U.S. interest rates were “just below” neutral sparked a sharp rally on Wall Street on Wednesday, easing investor worries about the pace of rate hikes by the U.S. central bank next year. Hopes that the United States and China could call a trade war ceasefire at the upcoming G20 summit in Argentina also boosted stocks around the globe.

Telecom regulator Trai on Wednesday decided to retain the existing charges that can be levied by cable landing stations for providing international connectivity through submarine cables. The Telecom Regulatory Authority of India capped charges for accessing low capacity STM-1 at Rs 36,000 per annum and Rs 6.25 lakh for high capacity STM-64 per unit capacity

Reliance Industrial Investments and Holdings (RIIHL), a wholly owned subsidiary of Reliance Industries, has invested in New Emerging World of Journalism Private (NEWJ), a start-up that curates and produces video content for smartphone users. As initial tranche, RIIHL has subscribed to 30,000 equity shares and 125 compulsory convertible debentures for total cash aggregating to Rs 1.03 crore and consequently NEWJ has become a subsidiary of RIIHL and RIL, a company statement said.

Microsoft Corp surpassed Apple to become the world’s most valuable publicly traded company. All it took was a $300-billion rout. After briefly claiming the top spot on Monday, Microsoft shares rose 0.6% on Tuesday, pushing the company’s market value to $828.1 billion at the close. That exceeded by more than $1 billion the value of Apple, which has tumbled this month on concern about iPhone unit sales.

The BSE benchmark Sensex on Thursday opened on a strong note. The S&P BSE Sensex opened at 35,997.29 and the Nifty50 barometer of the National Stock Exchange (NSE) started at 10,808.70.

At 10:17 AM, Sensex was at 36,052.66 mark, up by 332.45 points or 0.93 per cent while Nifty was at 10,813.05 mark, up by 85.20 or 0.79 per cent.

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